(How) Has COVID Impacted Health Savings Accounts?

In the wake of the pandemic, industry-leading benchmarking survey will offer new insights
on HSA plan design and practices.

Arlington, VA (March 16, 2021) – The COVID-19 pandemic has magnified attention on American workers’ health and retirement – and a new survey fielded by the Plan Sponsor Council of America, part of the American Retirement Association, will provide fresh insights on health savings account practices and experience.   

In last year’s survey, more than half of employers (51.5%) stated they position the Health Savings Account (HSA) as a retirement savings vehicle, reinforcing the notion that HSAs can be a powerful retirement savings tool.  However, employee education continues to loom large as the primary concern regarding HSAs by employers – and that was prior to the onset of widespread “work from home” decisions.  This year’s survey will further explore employer concerns and barriers they face regarding employee education, implementation, and communication – particularly as employers prepare for the 2022 enrollment season.

Sponsored by Empower Retirement, the survey is designed to gather HSA design trends and administration practices of plan sponsors, as well as measure their perceptions of HSAs as a retirement savings vehicle. The survey is the only one of its kind – providing independent benchmarking data not found anywhere else. 

“The COVID-19 pandemic has put a new emphasis on the importance of a holistic approach to healthcare and retirement,” comments Nevin E. Adams, chief content officer, and head of research at the American Retirement Association.  “Health Savings Accounts, with their triple-tax advantages, provide a unique solution – and can be a valuable component of an employer’s total rewards strategy – now more than ever.”

The survey can be accessed at https://www.psca.org/research/HSA - the deadline for participation is April 9th.   

Preliminary results from the third annual HSA Survey will be shared at the Plan Sponsor Council of America’s (Virtual) National Conference on April 20th.  Details about that event are available at https://www.psca.org/2021nc.